Greg Pendy

Greg Pendy asked about the stagnant growth in data software and analytics under old reporting, and how improved Gen-3 imagery feeds into AI capabilities and its expected impact on 2026 growth in that area.

Answer

Brian O'Toole (CEO, BlackSky) attributed prior stagnation in data software and analytics growth to government budget issues. He explained that this is now being offset by strong international demand, particularly for Gen-3, and the expansion of improved AI capabilities that Gen-3 brings, along with pricing increases. Brian expressed good visibility on the future growth of this revenue line.

Greg Pendy asked about the stagnant growth in data software and analytics under the old reporting, and how improved Gen-3 imagery will feed into and impact this area in 2026.

Answer

Brian O'Toole, CEO of BlackSky, explained that the stagnation in data software and analytics last year was due to government budget issues. He noted that this is now being offset by strong international demand, particularly for Gen-3, and the expansion of improved AI capabilities that Gen-3 brings, providing good visibility for growth in this segment going forward.

Greg Pendy asked about the reported weakness in the agricultural sector on the commercial side, seeking clarification on whether it was due to overall market pressure or seasonality.

Answer

CFO and COO Ashley Johnson clarified that the trend in agriculture was due to seasonality, with usage peaking during harvesting periods and dropping off later. She expressed satisfaction with the stability and progress in the agricultural business, attributing it to a shift towards embedding Planet's solutions into customers' operational efficiencies. CEO, Chairperson, and Co-founder Will Marshall added that Planet has aligned its business model to better serve the market, despite overall challenges in the agricultural segment.

Greg Pendy requested elaboration on the 'stabilization' observed in the commercial sector, particularly within agriculture.

Answer

CFO Ashley Whitfield Johnson clarified that the agriculture sector is in a much stronger position, with large customers increasing their usage. Planet has aligned its offerings to focus on improving customers' operational efficiencies, which drives tangible ROI. She also noted positive signs and customer expansions in the energy and insurance verticals.

Greg Pendy from Clear Street asked about the remaining large MNO opportunities in the market, given AST SpaceMobile's current 50 MNO partners representing 3 billion subscribers out of a total addressable market of 5.6 billion, and the company's MNO partnership model.

Answer

Scott Wisniewski, President and Chief Strategy Officer, explained that AST SpaceMobile's technology and strategy are intentionally favorable to MNOs, leading to broad interest from nearly all global operators (excluding China and Russia). He stated the company will continue to harvest this base for good contracts in initial deployment markets and grow into medium and long-tail opportunities.

Greg Pendy asked about the remaining large MNO opportunities in the market, considering AST SpaceMobile's current 50 MNO partnerships covering 3 billion subscribers out of a total addressable market of 5.6 billion.

Answer

Scott Wisniewski, President and Chief Strategy Officer, explained that AST SpaceMobile's MNO-favorable technology and go-to-market strategy mean nearly all global operators (excluding China and Russia) are potential candidates. He noted that the company will continue to harvest this base for contracts in initial deployment markets and expand into the medium and long tail as it grows.

Greg Pendy of Clear Street sought confirmation on the financing for the Legato transaction, asking if the approximately $500 million cost would be covered by asset-backed financing rather than cash from operations.

Answer

CFO & Chief Legal Officer Andrew Johnson confirmed this was correct. He explained the just over $500 million obligation is financed through a non-recourse SPV, with payments due in October and March 2026. This financing is separate and apart from the company's core operating funds.

Greg Pendy from Clear Street asked about other global competitive dynamics, beyond China and SpaceX, that could create strategic opportunities for Intuitive Machines as the U.S. aims to maintain leadership in space.

Answer

CEO Steve Altemus highlighted the company's global engagement through its ground segment network, including discussions with ESA to integrate assets. He also pointed to the major opportunity in the commercialization of NASA's Deep Space Network sites in Spain, Australia, and California, stating Intuitive Machines is actively exploring how to apply its Near Space Network experience to this global effort.

Greg Pendy of Clear Street asked about the evolving global competitive landscape for Near Space Network Services (NSNS), especially with European initiatives, and its potential impact on commercial revenue.

Answer

CEO Steve Altemus described the current environment as collaborative rather than competitive. He stated that Intuitive Machines is actively discussing standards and interoperability with European entities to build out a comprehensive lunar data relay and PNT network, suggesting the emerging market has room for multiple participants.

Greg Pendy from Clear Street inquired about the mission flexibility for IM-3's landing site at Rhiner Gamma, including launch windows, and asked for the expected timeline for commissioning the first data relay satellite before it can generate revenue.

Answer

CEO Steve Altemus confirmed that the IM-3 mission has 'quite a bit of flexibility' and is not as constrained by launch windows as South Pole missions. He stated that after launch, the first data relay satellite will require a 60- to 90-day commissioning period before it can undergo a final validation check and begin generating operational revenue.

Asked about the receipt of tax receivables, the company's cash position and potential for share buybacks, the forward outlook for CapEx, and the drivers behind the increase in point-of-sale (POS) spend.

Answer

Executives confirmed the monetization of the tax receivable, which contributed to the $14.3 million cash balance. They stated that the cash balance should track with core EBITDA improvements and that buybacks are continuously evaluated. Capital expenditures are expected to remain at similar levels to 2023 to support ongoing technology investments. The increase in POS spend was attributed to a combination of inflation and the early impact of new product features.